Myers entered into the transactions listed below. Select the journal entries the transactions for 18. using the perpetualinventory system.

(1) 4/3 Purchased $1,300 of merchandise inventory (1,300 units @ $1 each) on account.

(2) 4/6 Returned 300 units,due to defects.

(3) 5/1 Sold 600 units for $1,200 on account.

(4) 5/3 Accepted a return of 200 units, due to damage.

(5) 5/31 End of month calculation of ending inventory and cost of goods sold. If no calculation necessary,

note as such.(a physical inventory revealed $600 inventory on hand)

Question 18 options:

5/3	Sales Ret		400
		A/R		400
	Inventory		200
		CGS		200

5/3	Sales Ret		400
		A/R		400

5/3	CGS		400
	Inventory		60
	Pur Returns		300
		Purchases		1,300

5/31	No entry

4/6	A/P		1,300
		Pur Returns		1,300

5/1	A/R		1,200
		Sales		1,200
	CGS		600
		Inventory		600

5/1	A/R		1,200
		Sales		1,200

4/3	Inventory		1,300
		A/P		1,300

4/6	A/P		1,300
		Inventory		1,300

4/3	Purchases		1,300
		A/P		1,300